Economists, both nationally and in Alaska, are frequently asked to assess the economic costs of the steps taken to limit the spread of COVID-19.  The economic impacts are huge; the US is experiencing rates of unemployment not seen since the 1930s in the Great Depression.  But the benefits of saving lives by reducing deaths due to COVID-10 area also very large.  In a recent a working paper, “The Impacts of the ‘Hunker Down’ order in Anchorage,” Assistant Professor Kevin Berry used the concept of the economic value of a statistical life to undertake an approximate comparison of the economic costs (in lost income) and economic benefits (in saved lives) of the Municipal response to the coronavirus outbreak.  His work combines epidemiological modeling of how COVID-19 could have spread without the Hunker Down order with the value of a “statistical life”.  The results suggest that the economic benefits of saving human lives to date has far exceeded the economic costs in lost income. Read more about > Impacts of ‘Hunker Down’ in Anchorage

The Institute of Social and Economic Research’s Professor Kevin Berry recently discussed the coronavirus with both Alaska Public Media and KTUU. He says the oil, fishing, tourism and cargo industries may be especially susceptible to the effects of the outbreak.Read more about > Kevin Berry Speaks with […]